TeamViewer sees disappointing growth in Enterprise deals,cuts full year guidance

German software development firm TeamViewer has cut its full year guidance as the contribution from large enterprise deals grew more slowly than expected.

The slumped in enterprise deals pushed its shares more than 11% lower.

The company said it now expects 2021 billings between 535 million and 555 million euros ($617-$641 million) compared to its previous forecast for the lower end of the range from 585 million to 605 million euros.

It also cut 2021 revenue guidance, expecting it between 495 million and 505 million euros, compared with previous guidance at the lower end of the range from 525 million to 540 million euros.